Each year, millions of taxpayers choose whether to take the standard deduction or to itemize their deductions. The following seven facts from the IRS can help you choose the method that gives you the lowest tax.

Qualifying expenses - Whether to itemize deductions on your tax return depends on how much you spent on certain expenses last year. If the total amount you spent on qualifying medical care, mortgage interest, taxes, charitable contributions, casualty losses and miscellaneous deductions is more than your standard deduction, you can usually benefit by itemizing.

Standard deduction amounts - Your standard deduction is based on your filing status and is subject to inflation adjustments each year. For 2011, the amounts are:

Single $5,800

Married Filing Jointly $11,600

Head of Household $8,500

Married Filing Separately $5,800

Qualifying Widow(er) $11,600

Some taxpayers have different standard deductions - The standard deduction amount depends on your filing status, whether you are 65 or older or blind and whether another taxpayer can claim an exemption for you. If any of these apply, use the Standard Deduction Worksheet on the back of Form 1040EZ, or in the 1040A or 1040 instructions.

Married filing separately - When a married couple files separate returns and one spouse itemizes deductions, the other spouse cannot claim the standard deduction and therefore must itemize to claim their allowable deductions.

Some taxpayers are not eligible for the standard deduction - They include nonresident aliens, dual-status aliens and individuals who file returns for periods of less than 12 months due to a change in accounting periods.

Forms to use - The standard deduction can be taken on Forms 1040, 1040A or 1040EZ. To itemize your deductions, use Form 1040, U.S. Individual Income Tax Return, and Schedule A, Itemized Deductions.

These forms and instructions may be downloaded from the IRS website at www.irs.gov or ordered by calling 800-TAX-FORM (800-829-3676).

TaxACT helps determine whether you benefit more by claiming the standard deduction or itemizing your deductions. TaxACT Free Federal Edition includes all e-fileable forms and schedules for simple and complex taxes, including Forms 1040, 1040A and 1040EZ, as well as Schedule A for itemized deductions. Start your TaxACT Free Federal Edition return now.

March 2 — Payers of gambling winnings. File Form 1096 along with Copy A of all the Forms W2G you issued for 2014. If you file Forms W2G electronically, your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms remains February 2.

March 2 — All employersFile Form W3, Transmittal of Wage and Tax Statements, along with Copy A of all the Forms W2 you issued for 2014. If you file Forms W2 electronically, your due date for filing them with the SSA will be extended to March 31. The due date for giving the recipient these forms remains February 2.

March 2 — Large food and beverage establishment employers File Form 8027, Employer's Annual Information Return of Tip Income and Allocated Tips. Use Form 8027T, Transmittal of Employer's Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit Forms 8027 if you have more than one establishment. If you file Forms 8027 electronically, your due date for filing them with the IRS will be extended to March 31.

March 2 — Wagering tax File Form 730 and pay the tax on wagers accepted during January.

March 2 — Heavy highway vehicle use tax File Form 2290 and pay the tax for vehicles first used in January.

March 10 — Employees who work for tipsIf you received $20 or more in tips during February, report them to your employer - Details

March 11 — Communications and air transportation taxes under the alternative method. Deposit the tax included in amounts billed or tickets sold during the first 15 days of February.

March 13 — Regular method taxes Deposit the tax for the last 13 days of February.

March 16 — CorporationsFile a 2014 calendar year income tax return (Form 1120) and pay any tax due - Details

March 16 — S CorporationsFile a 2014 calendar year income tax return (Form 1120S) and pay any tax due - Details

March 16 — S Corporation electionFile Form 2553, Election by a Small Business Corporation, to elect to be treated as an S corporation beginning with calendar year 2015. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2016.

March 16 — Electing larger partnershipsProvide each partner with a copy of Schedule K1 (Form 1065B), Partner's Share of Income (Loss) From an Electing Large Partnership, or a substitute Schedule K1. This due date applies even if the partnership requests an extension of time to file the Form 1065B by filing Form 7004

March 16 — Social security, Medicare, and withheld income tax If the monthly deposit rule Page 6 Publication 509 (2015) applies, deposit the tax for payments in February.

March 25 — Communications and air transportation taxes under the alternative method. Deposit the tax included in amounts billed or tickets sold during the last 14 days of February.

March 27 — Regular method taxes Deposit the tax for the first 15 days of March.

March 31 — Electronic filing of Forms W2 File copies of all the Forms W2 you issued for 2014. This due date applies only if you electronically file.

March 31 — Electronic filing of Forms W2G File copies of all the Forms W2G you issued for 2014. This due date applies only if you electronically file.

March 31 — Electronic filing of Forms 8027 File Forms 8027 for 2014. This due date applies only if you electronically file.

March 31 — Wagering tax File Form 730 and pay the tax on wagers accepted during February.

March 31 — Heavy highway vehicle use tax File Form 2290 and pay the tax for vehicles first used in February.

March 31 — Electronic filing of Forms 1097, 1098, 1099, 3921, 3922, and W2G.File Forms 1097, 1098, 1099, 3921, 3922, and W2G with the IRS. This due date applies only if you file electronically. Otherwise, see March 2. The due date for giving the recipient these forms generally remains February 2.
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